Hutchison Ports is bolstering its position in Egypt with two new concessions to operate container terminals in Ain Sokhna Port and El Dekheila Port.
Total investment for the initial operations of the two projects is approximately $700m. CMA CGM and COSCO Shipping Ports has come onboard for the the project in Sokhna while MSC’s Terminal Investment Limited is the co-investor in the project in El Dekheila.
Commenting on the investments, Eric Ip, group managing director of Hutchison Ports, said, “We have been operating in Egypt for almost 20 years, and it has always been an extremely important market to us, not only because it is located at the crossroads of one of the busiest east-west trade lanes but also the young and very energetic population of the country will result in increasing demand for international trade.”
Investments in Egyptian port infrastructure have shot up over the past 18 months with the country trying to position itself as a future green refuelling hub.
Splash reported last week on APM Terminals’s decision to pump up to $500m to develop a 1 km long berth at East Port Said.
